Does It Matter Which Company Underwrites My Insurance Policy?

As you shop for insurance in Richardson, TX, it’s important to look at who is the underwriter. While there are plenty of companies that will provide policies in Texas, it does matter.

Financial Integrity

One of the first reasons to care about your underwriter is due to financial integrity. Some insurance companies have a better financial outlook. You don’t want to get into a situation where you work with a company with a low rating. It could make it difficult for a claim to be paid on time. Additionally, some companies that struggle with their finances may do everything they can to prevent your claim from being accepted.

Reviews

Reading the reviews of insurance companies can tell you more about what to expect with them. Plenty of reviews can be found online from others who have experience with the company. They can tell you how the customer service is, how the rates are compared to other companies, and much more. If there are a lot of negative reviews, it identifies that you should proceed with caution.

What’s Available

You also want to look at what’s covered by your insurance policy. Allegiance Insurance Agency can work with you to determine what needs to be included in your policy. This includes exploring any riders that make sense for your individual situation. Whether you’re buying home insurance, auto insurance, or any other coverage, you need to make sure that your policy includes everything that will provide you with the necessary financial protection.

The agents at Allegiance Insurance Agency can show you the different underwriters that are available based on the type of insurance that you’re shopping for in Richardson, TX. Don’t assume that the lowest premium is the best option. The company that underwriters your insurance policy does matter and our agents will explain why.

 

 

 

When Will Auto Insurance Be a Necessity?

Driving a car is a necessity for many people. When you are looking to get a car and drive, one important thing to think about is your need for auto insurance. Having auto insurance is not only extremely important for anyone that owns a car, but it is legally required as well.

When You Want to Drive Legally

The first situation in which you will want to have auto insurance is when you want to drive your car legally. Driving a car come with a lot of responsibility and potential liability. Because of this, the state of Texas will require that you carry liability insurance coverage at all times. The state will require that you have property damage coverage of $25,000 for each accident as well as bodily injury coverage of at least $30,000 per injured person with a $60,000 per accident cap.

Valuable Car 

Another situation in which having insurance is a necessity is when it is a valuable car. If your car was expensive and is an important asset to you, getting additional collision and comprehensive insurance coverage is helpful and will provide you with coverage for a variety of other situations. This coverage will also be required if you have a loan or lease outstanding. 

Since having auto insurance is so important, meeting with a professional to discuss your needs and options would be a great idea for many people. For those that are in the Richardson, TX area, visiting with the team at the Allegiance Insurance Agency could be a great first step. The team at Allegiance Insurance Agency will be able to help you to better assess your auto insurance needs and help you to pick a policy that works for you. 

 

Defining Pre-Existing Conditions

In life, there are no guarantees. The only thing we can be certain of is that our things will constantly change.  From the day we born we are growing older by the second. As we grow older our bodies undergo physical changes in order to allow for new growth.  At times the change may not be easy and we might get sick. Other times we may get injured in the process of doing something. With all this change it can be hard to keep up. Most of the time our insurance will cover the cost of medical expenses, but with things constantly changing in healthcare reform it can be hard to know if an injury or illness will be covered. That is why the agents at Allegiance Insurance Agency want to help the people of Richardson, TX by providing information about pre-existing conditions.    

Chances are most of us have heard the term pre-existing condition but few will understand what it actually means. For those who don’t know, a pre-existing condition is a medical condition that you developed before the start of your current health policy.  Before the Affordable Care Act was signed into law, insurance companies denied people coverage for reasons from everything from Adult Acne to Cancer. Two years after Obama was first elected the No Pre-Existing Condition Exclusion was enforced. After that time, it became possible for people with pre-existing conditions to find healthcare.  

As time passed things continued to change in the healthcare industry. Right now, in 2018 we are under a different president. Options for people needing individual insurance are few, and even harder to find for people with pre-existing conditions. There are a few options out there so Allegiance Insurance Agency wants Richardson, TX to know that they are out there if they need help.  

The Basics of Boat Insurance

If you are a first-time boater and you’re searching for information about boat insurance, or you are a veteran who needs a quick refresher on boat insurance basics, you have come to the right place. Physical damage and liability coverage form the core of any kind of marine policy. Your Richardson, TX insurer like Allegiance Insurance Agency can help you pick a perfect policy that suits your needs.

But before then, let’s discuss a brief difference between these coverages:

  • Liability coverage – it will cover legal obligation to a third party due to loss of life, property damage, or injury.
  • Physical damage coverage – It reimburses damages to the vessels and its machinery. An ‘all risk’ physical damage policy is suitable because it covers any cause of loss that’s not specifically excluded in a policy, for instance, collisions with the dock, vandalism, and wind storms. Professionals recommend choosing a policy that can cover your entire vessel when it’s being used, stored, or transported.

As you compare physical damage coverage options, you must know whether the insurance settlement you will claim will be based on “actual cash value” or “agreed value.” An agreed value policy will pay you the amount that’s listed on the policy in case the vessel is destroyed. An actual cash value plan, on the other hand, takes into account the condition of the boat and its depreciation at the time of loss.

Additional boat coverages

  • Personal property –will pay for the loss of clothing, personal effects, fishing gear, among others.
  • Uninsured boater –although this policy isn’t mandatory, it will compensate you for injuries caused by another boat owner who doesn’t have liability insurance.
  • Medical payments – pays for the ambulance and hospital bills after an accident occurs. It also covers injured passengers.

If you are Richardson, TX boat owner and you need a boat insurance coverage, do not hesitate to contact Allegiance Insurance Agency.

 

 

 

Choosing a Life Insurance Beneficiary: Know the Facts

Choosing a life insurance beneficiary is an important decision that only you can make. Knowing the facts can help you make wise decisions that will benefit those you love most.

Types of Beneficiaries

There are basically two types of beneficiaries: primary and contingent. Your primary beneficiary is the individual or individuals you choose to receive the benefits of your policy upon your demise. If this person or persons die before you, proceeds will go to your contingent beneficiary.

Beneficiary Options

There are numerous options for beneficiaries to your life insurance policy.

Family: If you’re married, your primary beneficiary would probably be your spouse and children to provide them with financial support after your demise. Other family members to include parents, siblings, uncles, aunts, etc. could also be named as beneficiaries, if you desire. When naming more than one beneficiary, it’s important to stipulate how the funds will be divided to avoid misunderstandings.  

Minor Children:  Minor children can’t receive death benefits directly making it necessary to name a legal guardian as your beneficiary on their behalf. This guardian will manage the proceeds of your policy until your children reach legal age. Your Allegiance Insurance Agency agent can help guide you through the legalities of this process.  

Estate: You can name your estate as the beneficiary of your life insurance policy by specifying this in your will. The executor of your estate will receive the proceeds and distribute them in accordance with the instructions in your will.

Other:  If you have a favorite charity, you may want to name it as your beneficiary. If you’re the co-owner of a business, you may designate your business partner as beneficiary so he can continue the business you started together in Richardson, TX after you’re gone.

To learn more about life insurance beneficiaries, policies and costs, contact Allegiance Insurance Agency in Richardson, TX.

Do You Need Commercial Insurance For An Online Business?

Business today can exist in a traditional sense and as an eCommerce entity. This means that you can operate solely on the internet rather than having a brick and mortar location. You may be wondering if you need commercial insurance if you don’t have a physical location. If you have any type of inventory or office equipment of value, then you are going to need the protection that commercial insurance can offer to prevent you from seeing losses from a covered event.

eCommerce Commercial Insurance

If you are a business owner and operate primarily as an eCommerce entity, then you should discuss the options you have for commercial insurance with a reliable provider. There are many reputable companies on the market today that can cater to the special needs of eCommerce based business owners. Educate yourself on the potential risks you may see along the way and protect yourself with coverage geared to support online business. 

Finding The Right Insurance Company

Finding the right company is the key to getting the coverage you need to protect you from losses is the first steps towards securing the future of your company. Use the insurance products and services from reputable companies such as Allegiance Insurance Agency, serving the businesses of Richardson, TX and the surrounding areas. They can work with you one on one to give you the most comprehensive coverage so you can rest easy knowing you are protected. 

For more information about commercial insurance for online businesses, contact Allegiance Insurance Agency. They proudly offer assistance to the businesses and residents in and around the Richardson, TX area. Call or stop by today to speak with one of their knowledgeable representatives. 

Covering A Historical Motorcycle Properly

Vintage motorcycles are a big deal for many in Richardson, TX. Collectors love these historical bikes but want to make sure they are fully covered. At Allegiance Insurance Agency, we have worked with people who own these models and have created coverage options that work for their needs.

Classifying A Vintage Motorcycle

If you are trying to ensure a historical motorcycle, you need to get it classed as a vintage motorcycle. There are very specific types of bikes that fall under this heading. The American Historic Racing Motorcycle Association has defined vintage bikes as those that were built before 1975.

If your motorcycle is considered vintage, you can get high-quality insurance. It will set up higher coverage limits to suit the needs of your bike and will find protection that is designed for it. For example, it may protect against rust and other types of weathering that occurs when you store a bike.

The Agreed Upon Value

When buying insurance for vintage motorcycles, you and your policy provider will create what is known as an agreed upon value. This value indicates the value of your bike, as both you and the provider agree. Once this value is decided, there will be no appreciation or depreciation of the value.

This situation is nice because it makes sure that you get the money that your bike is worth and avoids causing too much financial difficulty to the insurer. However, it may be frustrating if your bike increases in value and your insurance policy does not rise in return.

If you own a vintage motorcycle in Richardson, TX and you want to make sure it is well insured, please don’t hesitate to contact us at Allegiance Insurance Agency. We can provide you with the comprehensive coverage that you need for your bike and keep your investment safe and sound.

Is there a difference between auto insurance for leased vehicles when compared to owned vehicles?

If you are planning to lease a vehicle instead of buying one; there are special considerations regarding insurance. This would be a good time to consult with your agent at Allegiance Insurance Agency in Richardson, TX, especially if you also plan to use the vehicle for business purposes or if the vehicle is provided by your company and you also use it for personal trips.

Lease contracts typically require full insurance for the value of the vehicle. Sometimes, this may be part of the lease contract and paid for as part of the monthly lease payment. Or the leasing company may require that you name them on the insurance policy as the leaseholder in case there needs to be an insurance claim for an accident.

Normally, the insurance that the leaseholder wants does not cover the other liabilities if the vehicle is involved in an accident such as property damage or medical expenses for those injured. This additional insurance coverage is your obligation.

Other things to consider are Gap Insurance and Waiver of Depreciation Insurance.  Gap Insurance is a special type of vehicle insurance coverage that will pay for the difference between the amount owed for a vehicle and what regular auto insurance pays on a claim. Waiver of Depreciation Insurance is another type of vehicle insurance protection that is used to protect a new car for the first two years. If there is a total loss, this insurance will cover the full cost of the vehicle.

It is important to make sure both your interests and the interests of the leasing company are protected in ways that are adequate. When you work with your agent at Allegiance Insurance Agency in Richardson, TX they will read the lease contract carefully to determine what insurance provisions are in the contract and who has the obligation to provide the insurance coverage needed. Contact them today for an insurance review.

Can My Insurer Decline to Pay for My Injuries If I Wasn’t Wearing a Helmet?

In the state of Texas, you are required to wear a helmet when operating or riding on a motorcycle. But if you went out for a ride and didn’t put your helmet on, and they are involved in an accident, you may wonder if your insurer can decline to pay for your injuries. At Allegiance Insurance Agency, serving the greater Richardson, TX area, we want to help you understand the laws and how they apply to your motorcycle accident. Here is the information you need to know in this scenario.

The state of Texas is a no-fault insurance state. This means that if you are involved in an accident, your insurance and your insurance alone will pay for your injuries. Even if the other driver was at fault, your insurance company will be the one paying because Texas is a no-fault state. This also means that you not wearing a helmet does not come into play, since there is no fault. Ultimately, this means, that in the state of Texas, your insurer cannot decline to pay for your injuries simply because you were not wearing a helmet.

While a motorcycle insurer cannot decline to pay for your injuries if you were not wearing a helmet and were involved in an accident, they can decide to cancel your motorcycle insurance in the future. As such, you should make sure to obey all laws that are required of you.

Having the right motorcycle coverage ensures you are fully covered in the event of an accident. At Allegiance Insurance Agency, serving the greater Richardson, TX area, we are committed to helping you with all of your insurance needs. Contact us today and let us help you find the right motorcycle insurance policy for your needs.

Fun Places to Visit In Your Classic Car

There’s a good chance you don’t get your classic car out of your Richardson, TX garage often, but when you do, it’s important that you have as much fun as possible. It’s also pertinent that you make sure your car is properly protected with classic car insurance. For now, let’s take a quick look at three of the best places to visit in your classic car.

Drive-In Movie

Visiting a Drive-in movie theater in your classic car will take you back in time for some serious nostalgia. These types of movies are so neat because you must sit back and crank up your car radio or the little box the drive-in provides to watch ar the sound to the movie. This makes for a great way to relax and unplug for the night. Your classic car is sure to turn a few heads, allowing you to take much pride in the classic car you have poured your heart and soul into.

Visit a Car Show

A car show can make for a fun place to visit in your classic car. Even if you aren’t entering your car in the show, this is still a great place to kick back and relax while showing off your vehicle. It also gives you the chance to check out other classic cars. Some of the largest car shows in the United States are the Alabama International Auto show, Autorama in Detroit, and the Chicago Auto show.

Cars and Coffee

Are you up for a road trip? If so, a hot destination for classic car enthusiasts is the Cars and Coffee Show, located in Richmond, VA. Every other Saturday of the month, owners of vintage cars gather together to grab a cup of coffee. All the while, you can relax around tons of gleaming refurbished classic muscle cars and check out the top accessories and high-end buys that most people dream of owning.

Get a Quote Today

If you would like to learn more about having fun in your classic car and protecting it with auto insurance, call Allegiance Insurance Agency today serving the Richardson, TX area.