Insurance Premiums

The cost of personal home and auto insurance is on the rise.  For the past several years, many insurance companies have collected less money from the insurance premiums being paid by clients than they have paid out in client claims.

Insurance premium rates are a function of both the individual and group costs and claims environment.

A portion of the insurance premiums collected by an insurance company are set aside and invested.   When a claim is incurred by an insured, monies are removed from the pool to pay the claim.  If an insurance company incurs more claims than the insurance premium funds it has collected and invested, it will be forced to raise the rates it charges for its insurance.

Of course, insurance premium increases must be approved in advance by the state regulatory body overseeing insurance companies.   But, in the past few years (2010-2012), many national insurance companies have incurred losses in excess of their set aside, invested premium funds.  Hence, many insurance companies are asking their state regulatory body for increased insurance premiums.

If you have experienced an increase in insurance premiums, please do call 515/232-5240 and ask for Andrea Shearer, Tessa Everman, or Burton Heginger at Triplett Companies for advice and help reducing your current premium.

VEHICLE "VANISHING" DEDUCTIBLES

Lately, several insurance companies (carriers) have offered “vanishing deductibles” for vehicles they insure.

Be certain to compare the price of a “vanishing deductible” insurance policy to another similar policy that is without the “vanishing deductible.”

National data indicates that the price of a one-vehicle “vanishing deductible” insurance policy may be $60 more than a similar one-vehicle “non vanishing deductible” insurance policy.

Contact your favorite insurance agent (Andrea Shearer, Tessa Everman, Burton Heginger, or Ryan Edgington) at the Triplett Companies (515/232-5240) for more information and price quotes. 

Being Truthful About Vehicle Issues

A recent article in the Wall Street Journal entitled “Hubby say car ding wasn’t his bad?  Don’t believe him” suggested that spouses are often not truthful about traffic violation tickets they may receive, paying the vehicle insurance bill, putting a scratch or “ding” in the car, etc.

The actual statistics for such non truthful items follow.

1.  The percent of spouses who reported they did put a “ding’ in the car, yet did not report that fact to their spouse, but blamed it on someone else was 35 per cent!

2.  One fourth (24 per cent) of those surveyed reported that they did not report a traffic violation ticket to their spouses.

3.  Almost one fourth (24 per cent)of those surveyed confirmed that they did not report an accident to their spouses.

4.  Almost one fifth (19 per cent) of those surveyed admitted they did not tell their spouse when they forgot to pay a vehicle insurance bill.

5.  Almost one fifth (19 per cent) of those surveyed revealed they had knowingly driven a vehicle without a valid driver’s license but not shared that information with their spouses.

These above results were determined from a survey of 1,000 married couples completed by an insurance shopping and information site found at  >Insure.com<.        

Contact Andrea Shearer, Burton Heginger, Tessa Everman, or Ryan Edgington at Triplett Companies  (515/232-5240) for your insurance needs!  However, be sure to tell your spouse!     

Uninsured and Underinsured Motorist Insurance

Uninsured and Underinsured Motorist insurance coverage protects the insured if he/she is involved in an accident with a “non insured” or “underinsured” individual.

The level of uninsured or underinsured insurance coverage a client carries is normally equal to the bodily injury liability limits carried on your primary vehicle insurance policy.  These limits are often noted as “$100,000/$300,000” on the declaration sheet of your vehicle insurance policy.

The “$100,000” coverage is the limit payable by the insurance company per person.  The “$300,000” coverage is the limit payable by the insurance company for any particular occurrence. 

Contact your favorite insurance agent (Ryan Edgington, Burton Heginger, Andrea Shearer, or Tessa Everman) at the Triplett Companies (515/232-5240) for more information on such coverage and the pricing of that coverage. 

TRAFFIC VIOLATIONS AND PREMIUM COST

Individuals seeking vehicle insurance coverage with numerous traffic violation (not parking tickets!), at-fault accidents, driving while intoxicated, etc. will find it difficult and costly to obtain adequate insurance coverage.

Most states maintain such records for at least three years, and even up to five years.

Check with your state vehicle licensing facility to ensure that the information on your driving record is accurate.

If your rate does rise, check for competitive pricing with alternative insurance companies.

If you receive a “cancellation” notice or a “refuse to renew” notice, take action immediately to ensure you have adequate vehicle insurance coverage by calling your insurance agent.     

Contact your favorite insurance agent (Ryan Edgington, Burton Heginger, Andrea Shearer, or Tessa Everman) at the Triplett Companies (515/232-5240) to obtain more information and several price quotes if you find yourself in this situation. 

The "Best Price" for Vehicle Insurance

Many insurance companies are touting vehicle insurance coverage savings that can be received by “switching” from your current insurance carrier to another insurance carrier.

The Insurance Information Institute confirms that most vehicle insurance rates have risen 10 per cent for the years 2008, 2009, and 2010.  Further, it is expected that vehicle insurance rates will raise at least 4 per cent for the year 2011.

Insurance company costs of doing business are rising.  Insurance premiums are rising.

Why not contact your favorite insurance agent (Ryan Edgington, Burton Heginger, Andrea Shearer, or Tessa Everman) at the Triplett Companies (515/232-5240) to provide you with several vehicle insurance quotes to see what the “real” savings can be? 

Reasons for "Shopping" Your Vehicle Insurance

Triplett Companies insurance agents will review your vehicle insurance policy with you in person at least one time per year.    

 

However there may be other reasons than the annual renewal review for “shopping” and “reviewing” your vehicle insurance policy.

 

1.  If the cost of the vehicle insurance is not in the budget, consider higher deductibles,
    alternative insurance carrier price quotes, etc.

 

2.  If you have recently been involved in an accident or received one or more moving
    traffic violations (tickets).

 

3.  If you are considering the purchase of another vehicle (replacement or additional)     and need to determine how this vehicle will impact your insurance premium.

 

4.  If a teenage member of the household becomes eligible for a driver’s license.      

     

Contact your favorite insurance agent (Ryan Edgington, Burton Heginger, Andrea Shearer, or Tessa Everman) at the Triplett Companies (515/232-5240) for further help ensuring you are receiving the best price for your insurance needs.

New Vehicle Insurance

Before you consummate the purchase of that “new” car, obtain three vehicle insurance quotes.

New vehicle insurance premiums depend on the safety record and safety features of the car, the past theft history of the car, repair costs, engine size and power, etc. 

Normally, it is best to obtain several competitive quotes prior to purchasing that new vehicle. 

Call or e-mail your favorite insurance agent (Ryan Edgington, Andrea Shearer, or Tessa Everman) at the Triplett Companies (515/232-5240) for more information and price several price quotes. 

"Named Insured Only" Clause

If you desire to ensure all drivers of your vehicles are covered with your insurance, make certain that your insurance company (carrier) does not include a “Named Insured Only” clause in your vehicle insurance policy. 

It is becoming more common today for insurance companies to limit their risk by adding this clause to their driver coverage in the insurance policy. 

Remember however, that if drivers of your vehicle(s) do become involved in an accident, your vehicle insurance premium could increase.  Take time to ensure that those who drive your vehicles are good drivers having good driving records and are properly licensed. 

Contact your favorite insurance agent (Ryan Edgington, Andrea Shearer, or Tessa Everman) at the Triplett Companies (515/232-5240) to ensure your vehicle is insured for “all drivers” and/or “named insured drivers only” as per your choice. 

VEHICLE INSURANCE DISCOUNTS

It is fashionable for insurance companies (carriers) to offer special discounts on the vehicle insurance premium for various items, such as:

                              

      good students,

      limited driving,

      accident forgiveness,

      minor “moving” traffic violations,

      financial stability,

      air bags,

      longevity with previous or current insurance carrier,

      etc.      

 

Discounts may also be available by purchasing “trade” group and “professional” group plans.

Generally speaking, a client should take advantage of such discounts. 

Contact your favorite insurance agent (Mike Carter, Andrea Shearer, or Tessa Everman) at the Triplett Companies (515/232-5240) and ask for more information on vehicle insurance discounts that may be available to you. 

VEHICLE INSURANCE DEDUCTIBLES

Of course, the question of the “best” level of a deductible on a vehicle insurance policy is a function of several issues; such as what type of insurance coverage one is purchasing, what level of out-of-pocket expenses can be tolerated, how tight is the budget, etc. 

Generally speaking (for vehicle insurance), raising the level of the deductible on both collision (damages due to an accident) and comprehensive (damages due to fire, flood, vandalism, etc.) insurance coverage will reduce the insurance premium.

Practically speaking, many clients feel it is best to pay the $700 damage bill, if they only have a $500 deductible, because of the possibility the insurance company may raise their rates at renewal time.  But there are other alternatives to consider to avoid this dilemma. 

For cost comparisons on various deductible levels and to answer any questions you may have about insurance deductibles, contact your favorite insurance agent (Mike Carter, Andrea Shearer, or Tessa Everman) at the Triplett Companies (515/232-5240).

VEHICLE LIABILITY, COLLISION, AND COMPREHENSIVE INSURANCE

Vehicle liability insurance covers a person who might be liable for his/her actions that caused an accident.

Collision insurance provides funding for repairs to the insured’s property due to an accident.  Collision insurance may also cover the required repairs to the injured parties in an accident.

Comprehensive insurance provides coverage for incurred damages on property due to vandalism, fire, flood, etc.

Contact your favorite insurance agent (Mike Carter, Andrea Shearer, or Tessa Everman) at the Triplett Companies (515/232-5240) to see if you have adequate coverage in each of these areas and for several competitive price quotes on vehicle liability, collision, and/or comprehensive coverage.