It happens to the best of us: you're not paying attention or get distracted for just a second, and bam! You knick a parked car. While this is incredibly annoying and maybe even slightly embarrassing, it is truly not the end of the world. You have options and coverage, especially with auto insurance lake charles. Accidents are the reason we have insurance, right? When you choose your car insurance policy, you get to make a lot of decisions about the type of coverage you want. That being said, every policy will still include liability coverage, which includes both property damage and bodily injury. This will cover physical damage to a car and also medical bills should somebody get hurt in an accident. Generally, a parked car accident won't involve bodily injury, but it will involve property damage claims. Property Damage Liability (PDL) is a feature that is found on most car insurance policies. You will file under PDL if you hit a parked car. Here are the steps you need to take if you've hit a parked car: 1) File a Claim First things first, contact your insurer to file a claim. This will involve an investigation to determine fault, which is obviously very easy if you hit a parked car. The insurer will take the initiative to talk to the other driver's insurance after you have filed your claim and determine what their coverage is. Together, both insurers will decide how much of the damage will be covered by what party. 2) Assessing Damages The claim adjusters are supposed to determine the maximum amount of responsibility for a claim. The assessment of who owes what, what each insurance company will pay, and what the total costs are, fall to the claim adjusters. 3) Look for Changes in Your Policy Premiums Because hitting a parked car is an at-fault loss, your premiums are likely to go up from this incident. This may be frustrating, especially in cases where nobody was injured. Another frustration when hitting a parked car is that property damage policies do not cover the damage to your own property because you are the one at fault. So if your car is scraped and damaged, it will fall to you to cover these damages out of pocket. Luckily, most damage to parked cars is fairly minor because of the nature of these accidents. It is important to note that because damages are assessed based on the total value of the car, sometimes very old and cheap cars may be considered totaled after being hit. This does not happen often but it is something to be aware of. The takeaway The amount of coverage going forward with the car will depend on your personal plan and the nature of the accident. You should be covered for at least some of the costs, but the amount that you are covered for is up for question. Auto insurance lake charles gives you options vehicle coverage. Accidents happen, so be sure to make sure you are covered before they do! TAGS: What if I hit a parked car - Am I covered by insurance, insurance lake charles la, car insurance lake charles la, auto insurance lake charles laThe monetary consequences of the risks you and your family take each day are difficult to pinpoint, are you sure your current liability insurance offers you enough protection? The Basics of Personal Umbrella Liability Policies If you are found to be legally responsible for someone becoming injured or damaging someone's property without a personal umbrella liability insurance policy, anything past the limits of your standard liability coverage will come out of your own pocket. Standard liability insurance generally includes homeowners, renters, auto and watercraft policies. A personal umbrella liability policy provides an extra layer of insurance coverage over your standard liability policies. It protects your personal assets by kicking in when your standard liability coverage has been exhausted. Who Needs an Umbrella Liability Policy? We recommend that our clients consider carrying an umbrella policy. If you engage in a high-risk hobbies or activities that increases your odds of being sued—such as household teenage drivers, entertaining often or owning a swimming pool - it's prudent to supplement your insurance with a personal umbrella liability policy. How Much Coverage Do I Need? You’ll want to take into consideration not only your total personal assets but also your potential personal risks. For example, do you operate a business in your home and have employees and clients to your home on a regular basis? Does your profession or location of your home make you an easy target for a big settlement? Determine your personal risks to evaluate the amount of additional liability coverage that makes the most sense for you. Coverage starts at $1 million, and can go as high as $10 million. When considering the value of the umbrella policy, discuss your personal needs with Kelly Lee Insurance. How Much Does Coverage Cost? Additional liability insurance is inexpensive in comparison to the addional coverage you gain. Depending on the policy value and your personal risk factors, such as recent auto tickets, your credit rating and more, a $1 million umbrella policy typically costs about a dollar per day. Costs go up an additional $50 to $75 for each million thereafter. Count on Us Don’t wait for a rainy day to find out you need the additional protection a personal umbrella liability policy can provide. Call TWFG Insurance - Kelly Lee LLC today at (337) 656-2890 to discuss your unique needs and learn about all of our liability insurance solutions. TAGS: Personal Umbrella Liability Policies, umbrella insurance lake charles la, excess insurance for high worth individuals lake charles laOn June 21, 2018, the U.S. Supreme Court ruled that state governments can collect sales taxes from online retailers, even if a retailer doesn’t have a physical presence in the state. Until this decision, states could only collect taxes from online retailers that had in-state headquarters or another significant connection to that state. This decision should benefit brick-and-mortar businesses, as sales taxes often forced them to increase prices—making it difficult to compete with the lower prices offered by online retailers. The court’s ruling also said that states should benefit from the decision by gaining access to a new source of tax revenue, estimated to be $33 billion annually across all states and online businesses. Although critics of the ruling believe that consumers will face higher prices when shopping online, others think that increased competition between online and physical storefronts will cancel out any significant increases. The ruling has already had a significant impact on the stock values of some major retailers. However, it’s still unclear how small retailers that have an online presence will be affected, and whether states will alter their tax collection practices to account for the size of an online retailer. TAGS: Supreme Court Rules in Favor of Online Tax, business insurance lake charles la, commercial insurance lake charles laSending a child off to college is a significant milestone that represents the culmination of years of planning and hard work. As you prepare for the start of the semester, you should consider how your insurance needs may change with your son or daughter away at school. Protecting Your Student’s Belongings Many homeowners policies consider a dorm room as an extension of your home, so items your child keeps there may be covered to some extent. However, if your child has expensive electronic equipment or furniture, you may want to consider purchasing additional coverage. If your child lives off campus, his or her possessions may not be covered by your homeowners policy. In that case, you may want to consider renter’s insurance, which costs as little as $15 per month. Renter’s insurance will cover possessions in your child’s off-campus apartment or house as well as provide liability coverage if anyone is injured in the residence. Keeping Your Child Healthy While on Campus Many students can stay on their parents’ health plans if they are full-time students. However, restrictions vary greatly by state, and coverage could be even more complicated if your child is attending an out-of-state school. If you find your child doesn’t have coverage under your plan, you have a few options. Most colleges have their own health plans, but some policies have high deductibles and low coverage maximums. A few don’t offer any coverage for conditions present before entering the school, so be sure to examine plans carefully. Otherwise, you may want to consider an individual policy for your child. Changing Auto Coverage If your child moves more than 100 miles away from your home to attend school and doesn’t keep a vehicle there, your auto insurance premiums could decrease by as much as 30 percent. Call us today at (337) 656-2890, and see if you can save money while still maintaining coverage for your child when he or she is at home. Insurance Questions to Ask Here are some important questions to ask when your child goes to college:
Count on us If you are sending a child off the college and haven’t looked at adjusting your coverage, contact us today to learn more. You could save money on your policies and protect your child from expensive incidents while away from home. TAGS: Insuring your college students, renters insurance Lake Charles La, renters insurance Sulphur LaOur agency received the highest recognition TWFG Insurance Services can bestow again this year, we were included in the TWFG’s Presidential Club. This is an outstanding achievement for our organization, who has been included in President’s Club since its inception 4 years ago. TWFG Insurance Services strives to provide you with the best customer service and affordable Auto - Home - Life and Commercial Insurance rates. I would like to thank my team members and our clients for entrusting us with insuring their most valuable possessions, their home, business, auto and in many cases, their families future through life insurance. Kelly Lee Insurance Neighbors helping neighbors manage their risk. www.kellyleeinsurance.com (337) 656-2890 TAGS: Kelly Lee Insurance Receives Highest Honor TWFG Insurance Services Bestows, best car insurance agency Lake Charles La |
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