Since my child is now away at school and does not have a car, can I remove him from my auto insurance policy?

When a child goes off to college in Plano, TX, you may wonder if it is possible to remove him or her from your policy. Depending on your auto insurance policy and the distance from your young adult’s school, the answer may vary. Even if your student is across the country, it may still be better to keep him or her on your policy until college is complete or he or she has purchased an individual policy.

Inform Your Insurer

If your child’s college is more than 100 miles from your home, then your insurer may reduce your rates. The reason is that your teenager is less likely to drive your vehicle throughout the year. Even if you keep him or her on your policy, the coverage will only apply when he or she is visiting from school.

In the event that your student’s college is less than 100 miles from home, you may need to keep him or her on your current policy.

Keeping Your Student Protected

Unless your young adult student purchases a personal policy that is separate from your own, it is usually best to keep him or her on your current plan. Even students who are not driving at school can still need coverage because it is possible that visits will result in borrowing the car.

Insurers need to know when the situation changes. In many cases, insurers will provide discounts on your auto policy.

Going off to college does not mean that your student is no longer your financial responsibility. In many cases, it is not yet time to remove him or her from your auto plan. Contact us to talk to an agent for more details.

I already have a health insurance policy. Should I still buy a life insurance policy?

Getting the right insurance policies is essential to protecting your household’s finances in unexpected situations. Even if you’re completely healthy, it’s now federally mandated that you have a health insurance policy. After shelling out money for that, you may feel like you don’t really need a life insurance policy, too. However, the two policies cover very different situations, and many people will want to have them both. Learn how you will benefit from having insurance before you search for and compare quotes online.

Key features of health insurance

  • May cover routine preventative care, like an annual physical
  • May cover some or all of the cost of medical treatment, depending on the type of treatment and whether you have reached your annual deductible yet
  • Stops providing insurance benefits at the time of your death

Key features of life insurance

  • Provides a set benefit amount to your beneficiary at the time of your death
  • Money can be used for funeral costs, estate fees, and inheritances
  • Allows peace of mind because you know that your spouse and dependents will receive money if you die and can no longer earn income

Compare quotes on a policy today

Your family may not be able to afford to skip out on insuring your life. If your family relies on your income, it’s usually a good choice to take out an insurance policy. Even if you’re a stay-at-home parent, insurance is important because your surviving spouse will have more expenses if you are no longer there to take care of the children and household. Gather quotes for life insurance in Plano, TX today so you can compare costs and take out a policy to protect your family’s finances.

If my vehicle is a total loss, what will I receive in settlement?

When a vehicle is declared a total loss by your auto insurance company, you may be offered a settlement for the car. Depending on the policy that you purchased and the details of your plan, the amount that you can expect to receive may vary.

Comparable Replacement

In many cases, insurers will offer a settlement that will pay for a comparable replacement. The replacement value of your vehicle may vary based on the car that you owned, the length of time that you owned it and the age of the vehicle.

Comparable replacements can vary based on your insurer and the policy, so you may not get the same amount that you paid for the vehicle. For example, if your vehicle is one year old, then it has already depreciated in value and the settlement may be the value of your car after depreciation rather than the cost of the car.

Negotiating the Amount

If you feel that your insurer is not offering a fair amount based on the details of your policy, then you may be able to talk to the company and negotiate for a better amount. Keep in mind that it will cost money to hire an appraiser to evaluate the actual value of your car and going to court if your insurer refuses to offer more can be very costly.

It is usually best to read your policy thoroughly if you are not sure if the amount you are offered is fair. Some insurers will offer the replacement cost if it is specifically stated in your policy.

A total loss means that your car will cost more to fix than it would to purchase a new car. Contact us to speak to an agent for more information about your insurance policy.

Are my personal items covered when I take them away from home?

The coverage that is available for your personal belongings in a home insurance policy may depend on several factors. Some insurers may have limitations on the claims that you can make and the personal items that are covered in Plano, TX may vary. Understanding your policy is the key to determining if a particular item was covered or if you need additional protection for high-cost personal belongings.

Covered Items

Items that you take out of the home may or may not be covered by your home insurance policy. The key is recognizing the items that are not covered so that you can address particular needs and avoid high-cost expenses when an item is lost or stolen.

As a general rule, most insurers will offer some protection for the contents of your home. The problem is that the type of coverage and protection may vary. Some insurers will offer the value of the item after depreciation while other policies may offer the replacement cost. Most items are covered, but there may be limitations on how much you can claim.

Protecting Personal Belongings

Personal belongings are not always fully covered, especially if they are expensive. Expect that your insurer will have limited coverage for high-cost laptops, jewelry or artwork. You may need additional protection for those items. A high-cost bicycle, which you take out of the home whenever you ride the bike, is usually protected by your policy; however, the limitations on your claims may prevent you from getting the full replacement cost for the item if it is lost or stolen.

Most insurers will offer some protection for your personal belongings, even if you take them out of the house. The key is recognizing the limitations of you policy so that it is possible to purchase additional protection if it is necessary. Contact us to speak to an agent for more details.