What you need to know about Accident Forgiveness in Maryland

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Accident forgiveness – This is something that most Laurel, Maryland drivers probably think sounds like a good idea. However, do you understand exactly what it entails and how it can help you when it comes time to make a claim on your auto insurance?

When you are in an accident, the costs pile up. If you are at-fault, you may have to pay for a traffic citation and you have to pay for your car repairs or insurance deductible and if you have any medical costs you will pay those too. However one cost that you face that will come back to haunt you time and again is that of increased insurance premiums.

This is where accident forgiveness starts to play a part on your insurance. This is something offered by many different insurance companies. Even if they do not advertise it, it is often available for those who ask. The idea is that the insurance company will forgive you for an infrequent accident by not raising your premiums. This can make a big difference in the price you pay for the long-run.

Something to keep in mind is that accident forgiveness only applies to that particular company. If you move to another insurer, you will likely have the accident factored into determining the premium.

If accident forgiveness is something that you think may benefit you, contact an independent agent to talk about it. Working with an independent agent is the best way to make certain you are getting all the insurance you need and not paying more than you need to for the coverage. We can help you determine if accident forgiveness is right for you and help tailor the perfect auto insurance policy for you in or around Laurel, Maryland.

Natural Disaster Insurance: Are you covered in Maryland?

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If you are a homeowner in Maryland you need to know what natural disasters are and are not covered in your homeowner’s insurance policy, in the event your home and personal possessions are destroyed in a natural disaster. Read over your standard policy and if certain criteria are not listed, then you are not covered for that natural disaster. For example, you reside in Maryland so will be prone towards the high risk for flooding from hurricanes. No standard insurance policy will pay for flooding; you will have to have a flood policy active for at least 30 days before it will cover you and pay for damages.

Your basic homeowner’s policy will offer coverage for an extensive list of natural disasters that could cause damages to your property. Some of these covered situations include, but are not limited to fire, lightning, riots, explosions, hail, wind damage, smoke, falling objects, snow, weight of snow, ice and sleet.

If you do not find specifics listed in your policy then you are not covered, such as would be damages from earthquakes, hurricanes, tornados, sink holes and landslides, war and nuclear mishaps. Flooding is another episodic event that may or may not be covered for water damage.

You need to read every word of your policy and go over the coverage that you feel will be needed in order to make you as secure as possible, keeping your valuable investments secure. You will need to talk with your independent agent and then make decisions with some professional guidance. However, never leave these decisions the responsibility of your agent. It is your right and responsibility to make sure that you are covered and specifics are spelled out in your individual policy as to what your insurance company will pay.

When Can I Make Changes to my Auto Insurance Policy in Laurel, Maryland?

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Your auto insurance policy was put together in order to give you the protection you need in order to drive a car. As life changes there is a need for you to be able to make changes to your auto policy. Residents living in Laurel Maryland should know that they can make changes to their auto by knowing some simple facts.

The Best Time to Make Changes to Your Auto Policy

  • One of the best times to make a change to your auto policy is when you are changing to another auto policy. When people make the move to change insurance companies they change because they find a better rate. Some people have been able to save hundreds every year and end up raising or lowering their limits to accommodate the price.
  • Another time people make changes to their policy is when the cost gets too expensive. Some people think that by lowering their coverage limits they will save some money. In some cases the price is lower but in some states the higher the limits the cheaper the policy.
  • A final time people make changes to their policy is when there is a need too. For instance, if you are trying to buy a Umbrella policy, then you may have to raise your limits in order to meet the requirements of the desired policy.

If you have any questions about making changes to your auto policy, then you need to speak with your independent agent. They can answer all your questions and even help make recommendations that will help make your policy better for you. Take the time today and have your insurance policy reviewed today. You just may find that the changes you make will enhance your policy.

How do Maryland Insurance Life Companies Classify Individuals for Rate Purposes?

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As an insurance customer, you probably have many questions. One of those questions is “How do Maryland life insurance companies classify individual customers to determine the rate?” This is an important thing for you to understand, because it will help you figure out how to get the best possible rate for your life insurance policy.

Most insurance companies use four different groupings when determining classification of individuals. The names of these groups may vary from company to company, but they essentially boil down to the following:

  • Preferred – This rate group is for healthy, young adults who have low-risk jobs and take pains to remain healthy.
  • Standard – This is the average category and covers those who are of average health, or for healthy older adults.
  • Substandard – This category covers those who have chronic health conditions or pershps have a high risk job or hobby.
  • Uninsurable – Those who have terminal illness are uninsurable.

Since things vary greatly from one company to another, it pays to shop around. Also, it is important to remember that a company cannot drop you if you have been approved for coverage—unless you fail to pay your bill. So, it is very important that you stay up to date with your payments.

Spend some time looking over your options and try to determine which category you may fall. Then, contact your independent agent. Most of us (independent agents) are happy to help you go over your insurance possibilities and help you choose the right policy for you. Life insurance is a very important way to protect your family in the case of your unexpected death, so do not let the chance to keep them protected slip away from you. Contact your Maryland independent agent today and find the right policy for you and your family.

Is Insurance Coverage Required in Laurel, Maryland if My Car is Inoperable or Being Stored?

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Maryland and most other states across the United States require proof of insurance in order to register your vehicle and all vehicles are registered required. If you reside in Laurel, Maryland and you own a vehicle that is either inoperable or being stored for any number of reasons, you will at least want to insure your vehicle against possible theft, vandalism, and fire to protect your investment.

If the inoperable or stored vehicle is not being driven it will still need to be registered with that state of Maryland and full coverage will need to stay intact if there is a lien on the vehicle. This full coverage insurance policy will remain in effect until the lien is paid in full, whether the vehicle is being driven or not.

If you have full ownership rights to the vehicle and there is no lien, then it is possible to take your information to the DMV of Maryland for special coverage for stored vehicles. If you let your coverage lapse on your stored vehicle, and have not taken the appropriate steps to obtain the right coverage, then your independent agent may have to notify the MVA of this cancelation. This generally means that you can be fined and receive points against your driving record. Some states require the agent to notify the DMV and they have no choice in the matter. If they do not take this step the company could be presented with a heavy fine.

If this state requests from you proof of policy you must have signed a certification. This is only issued by a state approved independent agent. Policies for stored or inoperable vehicles in this state is not expensive, and it will offer you the protection you need on your investment, the car is registered and you have remained within the boundaries of Maryland motor vehicle laws through the help of your independent agent.

When do you Need Short Term Car Insurance in Maryland?

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In Laurel, Maryland, it is illegal to operate a vehicle without insurance on that vehicle. This is the rule of thumb throughout Maryland. States do fluctuate in the degree of fines that are put on drivers who operate a vehicle without active insurance coverage and some states being stricter than other states.

If you live in Maryland and are in a position where you need to purchase short term or temporary car insurance for a day up to 28 days, you can expect to pay a slightly higher premium. The question remains on just why you may need a short term policy.

Once instance would be if you are borrowing some else’s vehicle. Before driving any other person’s vehicle, check with your independent agent to make sure that you are covered. When borrowing another vehicle there are many risk factors that you might not consider, such as, fire, theft, vandalism and accident damages.

Another situation would be if you are shopping for a new or used vehicle and you want to take the vehicle for the day, you would want to make sure that you are covered in the event of an accident.

One more situation may be your college student is coming home for vacation break and will want to drive your car while home. Exercise caution and call your independent insurance agent and have the student added temporarily on your auto policy.

Some states require that anyone living in your household, and are a licensed driver must be on your car policy, even if the vehicle is going to be in close proximity to your home, be aware that many accidents happen close to home.

To be on the safe side call your independent agent and make sure that you have the right kind of short term coverage for your specific situation in Laurel, Maryland.

Insurance Statistics in Maryland from 2012

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Insurance Statistics and trends for Maryland in 2012 are somewhat complicated to determine. There is a lot that will determine these statistics, such as populace and location. The populace in Maryland and throughout the United States could expect to see a double raise in cost.

Auto insurance fraud is on the rise nationwide and in the state of Maryland. You can expect to see higher statistics and policy rates depending on the population of certain states. Looking back at least four years, rates have been steadily on an increase depending on the amount of fraud cases reported.

Homeowner’s policy rates rose in 2012, due to all of the natural disasters affecting the United States. Natural disasters such as floods from hurricanes on the east coast, wildfires on the west coast, earthquake damages, droughts and extensive snow damage have all put their toll on the amount of home insurance claims processed and paid out. Policy rates are regulated on a state by state basis through that state’s insurance division. Since Maryland is smaller in populace then New York, Maryland’s rates could be lower on average.

Employers and employees in Maryland can expect to pay more out on their health insurance premiums. Rising commercial policies continue to rise for employers and they are in turn passing on these rises in rates to the employee, so that more money is expected to come out of your weekly pay checks. Maryland is not alone in this dilemma as this is going to affect all states. A continued rise in health policy premiums are expected to continue.

The only policy rates that seem to be falling are in the area of life policies. Many people are going without this coverage due to other more pressing financial issues. Life insurance companies continue to see a decrease in rates in 2012. Call your independent agent today for a quote on any insurance needed to help protect your future.

How to Handle Insurance Claims from Hurricane Damage in Maryland

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Those who live in Maryland know that there are many worries about hurricane damage. Damage from a hurricane can be expensive and make a major impact on you and your family. Luckily, many insurance options allow you to protect the investment you have in your home from these terrors in nature. If you are not overly knowledgeable about insurance, you may be a bit confused about how these hurricane claims work. Learn a bit more about these hurricane claims and you can better tailor your insurance to fit your needs.

The first thing to remember is that hurricane coverage is a part of your homeowner’s policy. For the most part, you do not have separate hurricane insurance, it is a rider on your normal insurance. That means that you go about making the insurance claim just like you would any other claim. You will contact your insurance company and they will send an adjuster out to your home to take a look at the damage and help decide what you should receive (if anything) for a payout.

The claims process is actually simpler than most people think. This is even more so the case if you work with an independent agent. Working directly with an agent allows you to have someone on your side that will make certain you are making the decisions that benefit you and your family. An agent can also help you put together a full package of insurance including homeowner’s, auto, workers compensation, life insurance and anything else you may need to feel protected.

If you do not already have an independent agent on your side, give us a call today. We will be happy to look over your coverage and explain the ins and outs of hurricane insurance and other options for you and your family.

Maryland Homeowners: Does My Insurance Policy Cover Flood Damage from the Hurricane?

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Maryland homeowners, like many other homeowners across the United States are finding out that after a catastrophic weather event they did not have adequate homeowners insurance to cover the damages incurred. It is a very sad situation for these homeowners to find out that their insurance company is not going to pay in certain instances, and they thought that they were secure in the knowledge that if any damages were done to their home or personal possessions they would be reimbursed.

All homeowner policies from all companies work on the same basis by offering an extensive list of coverage on a standard policy. If certain damages are not listed on the policy, in black and white, you must consider them uncovered issues. Flood damages from hurricanes in Maryland are another example. There is no standard homeowner’s policy that will pay for flood damages from a hurricane. As a Maryland homeowner you need to be aware that if you want to insure your home for items not listed on your standard policy then you must buy a separate policy, such as a flood policy.

A separate flood insurance policy is not cheap through any company, so if you reside further inland in Maryland and feel there is no risk for flood damage you should consider if you want this added expense. Be aware though, this type of thinking can give you a false sense of security that water damage is not going to touch your home should a hurricane occur, as flooding has happened far inland in Maryland.

If you do not have flood coverage and hear that a serious hurricane is on its way and you are right in its path, do not rush and sign up for flood insurance, because it is already too late, as there is a 30 day waiting period. Call your independent agent today for a flood policy quote.

Should term insurance or cash value life insurance be purchased in Maryland?

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You know that life insurance is an important thing to have, but which kind is right for you: cash value or term life insurance? What’s the difference and which kind do you need if you’re living in Maryland? Here’s a brief overview of the different kinds of life insurance that you can buy:

Term life insurance is only bought for a specific amount of time, or a ‘term.’ Term lengths are typically 10, 15 and 20 years long, during which time you pay the monthly premiums and are insured until the term expires. Once the term is over, you don’t pay any more. You’re no longer insured, though you can buy a new term policy, but the cost will be higher as you’ll be older and the rates to cover you won’t be as low as they were during the first term.

A cash value policy is good for a long as you continue to pay the premiums, or your heirs collect on it. The main difference between this and a term policy is that should you decide you don’t want the policy any longer, you can get some of your money back, thus the cash value. The policy acts as a savings account of sorts, where some of the money can be returned to you if you decide to cash out your policy. If you haven’t passed on at the end of your term you get nothing other than the fact of knowing that you had life insurance, should you have passed away.

Another difference is the cost between the two policies. A term life insurance policy is typically much cheaper than a cash value policy since you won’t get anything back at the end of your term, though you’ll be adequately covered if your heirs need to collect on it. Both kinds of insurance provide good coverage, but are suitable for different people. If saving money is important, then a term policy is best. If you think you’ll not be able to extend your term policy once it expires, due to health concerns, then having a cash value one is probably your best bet. To get more information and help with determining the right one for you, contact us, your independent agent in Laurel for more information.