Personal Coverage

Archive for September, 2009

Holes in Your Auto Insurance

Tuesday, September 29th, 2009

It is a pretty common occurrence when myself and the PCI staff (Lisa & Linda) find these coverages short changed in an Auto policy. It is our policy to adhere to standards when it comes to the following coverages to ensure consistency for our clients.

The first “hole” is Supplementary Uninsured/Underinsured Motorist (SUM) coverage. I won’t bore you with all the details but suffice it to say this is a coverage that can come in handy if you (or anyone considered an insured for this coverage) are INJURED due to the negligence of another driver that has no insurance or not enough for you to recoup damages. So it pays you not the other guy. Uninsured motorist coverage is a mandatory coverage in NY so you will have that but SUM is optional and often missed. You can purchase limits up to the limits you have purchased for Bodily Injury coverage to Others. By and large the coverage is inexpensive and we often find it is either left out or the limits purchased are not the most that can be had by the consumer.

The second “hole” is low limits for Personal Injury Protection (PIP) or No Fault. This coverage pays you for medical bills and associated work loss if you are injured in an Auto accident. Remember, this is for medical AND work loss. PIP is considered the first place to go for medical bills if the injury is Auto related. Health insurance can work but often has copays, deductibles and coinsurance that is not present in PIP. Most health carriers will refer you back to your Auto carrier for coverge anyway. State mandated limits start at $50,000 but if you purchase more coverage (APIP-Additional PIP & OBEL-Optional Basic Economic Loss) you could buy up to $175,000. The mandated coverage is not only lower but the monthly limitations for work loss are much lower than if APIP is purchased.

These are two items we see on a routine basis. My belief is they get left out to save premium since many buyers of insurance focus on the bottom line premium number. It is easy for these coverages to get lost in the buying process. Unless you ask for these coverages you may find your quote comes with only state mandate amounts.

Take a look at your policy and check these coverage amounts and as always if you have questions feel free to give us a call.

Posted in Antique/Classic Car Insurance, Car Insurance, Why choose us for your insurance | Comments Off

Man’s Best Friend and Insurance

Monday, September 21st, 2009

As you can tell by the title this article is about dogs and how they can use your insurance policy for more than a crate liner. According to the Insurance Information Institue the average dog bite claim in 2008 was $24,461 with 15,823 claims reported in the same year. A tidy sum of $387.2 million was paid by insurance companies for dog bites in 2008.

You can search the internet and find some very useful legal information regarding dog bites. New York takes a mixed approach in handling dog bites with some elements of the “one bite rule” in combination with strict liability provisions. There may be other avenues for recovery as well that do not pertain to the liability provisions above so the advice of an attorney should by obtained.

The liability portion of your Homeowners, Condo or Renters policy provides not only financial protection for judgements against you the dog owner but also provides defense coverage if an attorney is required to defend your case. Keep in mind the liability portion of your policy is the cheapest part so buy all that you can. Limits range from $100,000 to $1,000,000 depending on the insurance company. Also don’t forget about a Personal Umbrella Liability policy as another protection mechanism.

We have had some dog bite claims in our agency and unfortunately a couple involving children. Settlements have ranged from $5,000 to $60,000 not including defense costs. Because these claims can be expensive most insurance companies request information on what type of dog you have and if it has a bite history. Certain breeds pose an issue with many insurance companies and could make it difficult to purchase a new policy so if you have questions give us a call and we can give you more details.

The bottom line is dog bites can be expensive and with the cost of medical care and plastic surgery the way they are the opportunity for a very large claim is there. Be careful who your dog interacts with and be realistic about it’s temperament. Be especially careful when children play or approach your dog because serious wounds can happen very quickly.

Posted in Condominium Insurance, Homeowners Insurance, Renters Insurance | Comments Off

Choice is everywhere but what did you just buy?

Wednesday, September 16th, 2009

I’m sure you could rattle off a bunch of insurance company names when asked. Between television, radio, internet and direct mail the options to purchase insurance are many. Some commercials are catchy without a doubt but just remember your not buying a commercial your buying a product that protects you from the financial consequences stemming from the risks of everday life. An educated buying decision may take a bit longer but could save you a lot of money someday. Educating you is our top priority. Knowledge is power so be informed. Your insurance is a legal contract not a front and back of a page in big print with a lot of pictures. Insurance contracts are not rocket science but they are technical and require a fair amount of experience to navigate. Go with an agent that will explain the coverage in easy to understand terms to help you make the right choice. Happy shopping!

Posted in General Information, Why choose us for your insurance | Comments Off