Do you really need rideshare insurance?

What could happen if you don’t have rideshare insurance?

 

Insurance for Ridesharing
Upset Lyft driver After Traffic Accident

 

It may seem like an okay idea to put off looking into rideshare insurance.  Maybe you’re a good driver and besides Uber and Lyft have insurance don’t they? Why would you want to pay more money for a rideshare endorsement or take the chance of getting canceled if your insurance company doesn’t offer rideshare insurance? Another driver on youtube said we didn’t need it. What’s the truth?

It’s an okay idea until you have an accident and have to think about it again. Then it might be too late. The Uber driver on youtube giving free insurance advice isn’t an insurance professional. It’s probably not a good idea to trust his advice…

It’s estimated that over 60% of rideshare drivers don’t have rideshare insurance.

Without a rideshare insurance policy or a rideshare endorsement, you’ll have coverage Gaps…

The entire time your app is on, your personal auto policy is suspended. Your TNC Lyft, Uber, etc., does provide coverage, but only for the period of time between accepting the passenger and dropping off the passenger (before accepting a passenger, some TNCs may provide limited liability coverage only). When you don’t have a passenger – you have no coverage for your vehicle and any damages or injuries you may sustain.

RideSharing Coverage steps in to cover you between passengers, effectively closing the gap.

Some things to consider…

Huge deductibles – Lyft has a $2500 deductible.  Uber has a $1000 deductible.  Some rideshare policies will cover the deductible gaps as well.  If for example, you have a $500 deductible on your policy that’s what you’d have with the rideshare endorsement – not $2500 or whatever.  You’ll want to ask your agent as some insurers will cover this gap and some insurers won’t cover it. A rideshare endorsement covering this gap could seem like a real bargain at claim time.

Loss of use… Let’s say you have an accident while heading to your hotspot and your vehicle is damaged. It needs extensive repair and it could take weeks to get it back on the road. You’re likely going to be out of pocket for deductibles you also won’t be able to drive or earn if that’s your only vehicle.

Ride-sharing coverage and gaps….ProgressiveRideshareInsurance

MN state law requires rideshare drivers to carry a minimum of 50/100/30 liability limits.  If you are carrying the state minimum of 30/60/10 you won’t be compliant.

Per vehicle/per occurrence/property damage

Check your auto insurance policy

Even though you have an auto insurance policy, it might not provide coverage while you are working for a TNC – Lyft, Uber, etc., Look at the exclusions in your policy.  Most personal auto insurance policies have exclusions for when a vehicle is used “in connection with a transportation network company,” “as a public or livery conveyance,” or “to carry persons or property for a charge.” Many applications specifically ask “Are any vehicles used for rideshare?”

Also, look at the terms and conditions of the policy. Using your car for business purposes may be in violation and cause your policy to be canceled.

Do you really need rideshare insurance?  Yes!

Is it possible to pay lower rates with a rideshare endorsement than you’re currently paying? Yes! A driver just recently cut his insurance bill in half and has better coverage.

There are tips and tricks to get better rates like…

  • Bundling all your insurance to get the multi-policy discounts
  • Some companies have lower rates than others in certain areas – so check other companies
  • Carrying higher liability limits could get you a better quote – people looking to save on insurance typically carry lower limits of liability and it actually costs them more.
  • Get an advance quote or early bird quote at least two weeks in advance of your current policy expiration.  Most companies will give you a discount.
  • Use an independent agent or agency that represents more than one company and understands rideshare insurance.  It will save you time.
  • Want more tips?  Call 612.460.7796 or go online here…

Minneapolis Progressive Insurance

 

 

 

30/60/10 Do You Know What These Numbers Mean?

What do those numbers mean?  

They are liability insurance numbers.  

MN Auto Insurance Requirements Are 30/60/10

  1. The first number 30 or $30,000 is the bodily injury liability maximum coverage for one individual who’s injured in an auto accident.
  2. The second number 60 or $60,000 is the maximum amount of bodily injury liability coverage per accident.
  3. The third number 10 or $10,000 represents the maximum amount of property damage liability, and it’s per vehicle.

Did you know what they mean?

One of the most common mistakes made when purchasing insurance is choosing the lowest liability limits.

Here’s why…

Average day in MN 2015

  • 205 crashes
  • 1 Death and 82 Injuries
  • Average daily cost in MN $4,858,135
  • Per accident average cost $23,698

22% of the time driver distraction is contributing factor in teen driving crashes

 

Car Insurance

 

 

 

 

 

 

 

Auto Insurance

Cost of Motor Vehicle Crashes in 2015

  • 411 Deaths @$1,512,000/Death
  • 1,127 Severe Injuries @ $88,500/Crash
  • 7,251 Moderate Injuries @ $25,600/Crash
  • 21,603 Minor Injuries @ $21,000/Crash
  • 98,276 PDO Crashes @ $4,200/Crash

Driving your vehicle represents the largest possible source of a lawsuit and it’s always best to consider these things before an accident.

So, are your limits high enough?

People falsely assume having the state minimum liability limits of 30/60/10 is the least expensive or is all they can afford….Believe it or not many times it’s less expensive to carry higher limits – not only because of the obvious of having enough coverage if you are in an accident but, having higher limits can give you better rates by being placed in a better rating tier. It could cost less to have better insurance!

How much should you have?

You will want to consider your current earnings, your future earnings,  your wealth.

Your limits should be the same level. Your liability limits should be the same for each insurance policy.  If you are insuring a million dollar net worth and have 30/60/10 for your autos or a boat trying to predict where a loss is likely to occur is foolish. However, people make this mistake all the time.

The thing is having higher auto and home insurance liability limits not only protests you it could lead to better rates too!  One of the rating factors underwriters use for quoting is your current liability limits. Carrying the higher limits will generally get you better quotes.

If responsible for an accident, you may have to pay for…

  • Car Damage
  • Loss of Use
  • Towing
  • Car Rental
  • Damage to Personal Property
  • Damage to Business Property
  • Environmental Cleanup

  • Modification to a Home
  • Pain & Suffering
  • Towing
  • Loss of Essentials Services
  • Attorney Fees
  • Loss of Wages
  • Medical Bills

Call your agents and have them run some quotes for you with having higher prior limits and without.  Find out how much you need and what the cost is to protect yourself.  Higher liability limits are one of the few bargains available in insurance.  You’ll be surprised how affordable it can be to raise your limits. Plus, rest easier knowing your covered well.

Safeco Workplace Discount Program

Great News!  We think you’ll love this 🙂

Expand your employee benefits package with exclusive savings on auto insurance.

We have a special deal that saves up to 30% on your insurance with workplace and other discounts.

As an independent insurance agency, The Insurance Specialists Team represents multiple carriers – not just one. This allows us to offer your business and your employees the best options for competitively priced insurance.

Working in partnership with Safeco Insurance®, one of the insurers that The Insurance Specialists Team represents, we’re pleased to offer an easy and convenient option that enhances your employee benefits package by helping your employees save on auto insurance – at no cost to you. The Safeco Insurance Workplace Discount Program offers your employees exclusive savings on Safeco® Auto insurance on top of the discounts Safeco already offers.

Safeco Insurance has been protecting individuals and families since 1923 and, in addition to auto insurance, offers:

  • Comprehensive auto, antique/classic car, home, motorcycle,  boat and RV coverage
  • 24/7 claims service
  • 24/7 Customer Service
  • Online account management tools
  • Local Insurance Specialists

We’ve made implementation easy. There is no cost to you, and your employees will have access to some of the best prices Safeco has to offer, making the Safeco Insurance Workplace Discount Program an easy choice for your business.

And as an independent agency, we are not employed by any insurer, which allows us to work on your employee’s behalf to help get them the coverage they need, even if the Safeco Insurance Workplace Discount Program isn’t the best option.

Please call IST today at 763.244.3735 to find out how to get started.

Do You Need a Personal Umbrella?

Are you really protected?  In today’s litigious society – you probably don’t have enough liability insurance coverage.

Aren’t personal umbrellas just for the super rich or wealthy?  Ummm No.

Minneapolis Insurance Coveage

Whether it’s a serious at-fault auto accident, boating accident or an incident on your property, you can quickly find yourself responsible for damages that exceed the limits on your auto, homeowners, renters ,boat, motorcycle or snowmobile policy.

If it’s an expensive judgment it’s is the last thing you want to worry about – especially if you’re just starting to get ahead after years of hard work. Accidents happen and it could all be gone. And when you find out how inexpensive an umbrella policy is – it will be even worse.

Fill out the form below and do some quick calculations.  Check easy quick and see if you think you should consider an umbrella. If you prefer call or chat with a specialist.

 

 

 

We offer limits ranging from $1 million to $10 million for customers meeting eligibility criteria. And, when you require legal defense for a covered claim, the policy helps cover defense costs such as attorney’s fees and other expenses.

Judgment amount $2,000,000 – $30,000 auto liability limit = ruined… everything ruined. 🙁

The good news…Use the calculator below and then call and speak to a specialists.  It’s highly possible to not only get better coverage – you’ll save money too.  🙂

 

Do you have the coverage you may need?

Total amount you have At Risk:

Current Insurance Protection

Gap in coverage?

Yes

No

"At Risk" Gap (What you need vs. What you have):

Call me to talk about ways to fill the gaps!

If responsible for an accident, you may have to pay for...
  • Car Damage
  • Loss of Use
  • Towing
  • Car Rental
  • Damage to Personal Property
  • Damage to Business Property
  • Environmental Cleanup
  • Modification to a Home
  • Pain & Suffering
  • Towing
  • Loss of Essentials Services
  • Attorney Fees
  • Loss of Wages
  • Medical Bills

 

 

Know the basics of auto insurance

It helps to know about the basics of auto insurance.  Many people don’t know and it costs. Picking auto insurance that fits your needs and the needs of your family is important, so here we’ll give you the basics.  Many people shop on price alone and lose site of the purpose of auto insurance.  What’s the point of buying a cheap policy for a good price if it doesn’t provide you with the coverage you may need?

Here you’ll find information about car insurance and answers to some common questions. If after reviewing this material, you still have questions, call one of the insurance specialists.  They’re here to help you and won’t pressure you – they’ll just help you.

What is auto insurance?

 Auto insurance is meant to cover you if you cause injuries to others or damage their property in an auto accident. It  also provides protection if your vehicle is damaged in an accident or is stolen. What protection you have is spelled out in your auto insurance policy.

An auto insurance policy is a contract between you and an insurance company. You, the customer, pay a certain price (“premium”) to the insurance carrier in exchange for a set of coverages you select. Your policy describes what the insurance provider will or will not cover.

 

What does auto insurance cover?

At a high level, auto insurance typically provides four basic things—liability coverages (for injuries to others and damage to their property), coverage for damage to your car or cars, coverage for medical expenses and uninsured motorist coverages (for situations where someone without enough insurance injures you or a family member). There are a variety of coverage options available; they may vary by state and company.

 

What are the common auto insurance coverages?

Bodily injury liability coverage generally pays damages for bodily injuries to the driver and passengers of the other vehicle when you are responsible for an accident. It also provides coverage to defend you if you are sued because of an auto accident.

Property damage liability coverage generally pays for damages to another person’s property (e.g. their car) when you are responsible for an accident. It also provides coverage to defend you if you are sued because of an auto accident.

Medical payments coverage generally covers you, household relatives and your passengers for medical expenses that result from injuries sustained in an auto accident. It also covers you as a pedestrian if you are hit by a vehicle.

Some states have personal injury protection (PIP) in place of, or in addition to, medical payments coverage. This is also known as no-fault coverage. PIP can generally pay for medical expenses, funeral expenses, loss of income and other expenses for injuries or death due to bodily injury sustained as the result of a car accident.

Uninsured or underinsured motorist bodily injury coverage generally pays for damages for bodily injury to you and your passengers when caused by another in an auto accident and the person legally responsible either has inadequate or no insurance. This coverage varies greatly by state. In some states it may be a combined coverage, while other states may offer it as two separate coverages (e.g. one for uninsured motorists and one for underinsured motorists).

Collision coverage generally pays for damage to your car if it hits another car, object, or overturns. A deductible applies to this coverage.

Comprehensive coverage generally pays for damage to your car if it is stolen or damaged by certain causes other than collision, such as fire, theft, hail or vandalism. A deductible applies to this coverage.

What should I consider when purchasing auto insurance?
When purchasing auto insurance, make sure you find coverage that fits your needs. Think about you and your family’s specific circumstances, including your risk tolerance and your budget. If you aren’t sure what type of things you should consider, read below. Or, get help by working with an insurance agent which is what we recommend as it doesn’t cost any more to have a pro on your side and will likely help you save.

Local agents likely know which companies offer discounts or savings incentives.  An experienced agent will know how to get you the best coverage at the lowest cost.  Sometimes it actually cost less when you have better coverage with higher liability limits as it places you into different rating tiers and helps your insurance score.

When you shop online and purchase without an agent – you become your own agent and if you make a mistake like not adding glass coverage or some other more important coverage it won’t be covered.  If an agent makes a mistake they have E&O insurance.  The insurance company is the only one to benefit by you acting as your own agent.

 

You could also check out the blog as it has many articles on savings and tips. Below are a few simple questions to help you start evaluating your needs.

  1. What is your household salary? What are my assets? How much in savings and equity do I have? How much are you willing to risk and insure? Essentially, the higher your salary and net worth, the more you stand to lose if you are ever found liable for an accident.  The more attractive to attorneys you become. The more assets you have, the more coverage you might want to consider.
  2. How old is my car and how much is it worth? Do I own my car outright or is it leased or financed? The model year and original cost of your car helps determine the approximate value of your car today. If the value of the car is low and you own it outright (i.e. no loan or lease), you may want to think about whether you really want comprehensive or collision coverages. On the other hand, if you lease or finance your car, your lender or car dealership probably requires comprehensive and/or collision coverage.
  3. How much am I willing to pay out-of-pocket? Deductibles are applicable to certain coverages, such as comprehensive and collision coverages. In the event of a loss, a deductible is the amount that you must pay out-of-pocket before your insurance kicks in. A higher deductible could lower your premium.
  4. Do I have health insurance? Auto insurance can include medical payments coverage for you and your passengers. If you don’t have your own health insurance, you should consider purchasing some type of medical payments coverage on your policy.
  5. Do I have children of driving age? Children are generally more inexperienced drivers and can present a greater risk on the road. If you have children of driving age, you might want to consider purchasing higher limits of liability coverage.

 

MPLSCarInsurance

Know the basics of auto insurance

 

 

 

 

 

Friendly local agents are here to help you get bigger savings, better coverage, and provide you with the best service.

Call the Minneapolis Auto Insurance Specialists Team 612-460-7796.

Insurance in Minneapolis

The best way to get insurance in Minneapolis – Great Rates for All Drivers and Homes

Minneapolis Insurance

Minneapolis Insurance Specialists represent many companies – not just one. It makes getting affordable rates easier.

Great Auto Insurance and Homeowners in all Minneapolis and Minnesota

Call 612.460.7796 for Insurance in Minneapolis. Auto or Home Insurance for people living in Minneapolis and all of Minnesota. We professionally select rates from some of the best companies licensed in Minnesota including AAA, ASI, Allied, Encompass, Dairyland, Foremost, Integrity, Safeco,Travelers, West Bend and Progressive. We offer the best coverage at the lowest price – not cheap policies for a good price. We know how to get all the discounts and get insured.

We write auto insurance for all drivers. We have companies that offer many discounts that are specially designed to get best bottom prices for the preferred driver. We offer have programs for the driver that is inexperienced or has not had recent insurance or has tickets or accidents or is required to prove insurance to the State with a SR22 certificate. We offer non-owners or named operators insurance for the driver required to carry insurance but does not own a vehicle. We have companies that offer ATV, Boat, Cycle,RV and Classic car Insurance. For Home or Residence Insurance we have companies that will do builders risk, secondary homes and cabins. We guarantee the best Condo, Townhome and Renters Insurance coverage and prices.

Don’t settle for those companies that spend a ton on advertising and only represent one company. Don’t pay high insurance prices for those Super Bowl Commercials. Get choices and options. CALL 612.460.7796 for your Insurance in Minneapolis.

Minneapolis Auto Insurance Guide

This article will help you learn the basics when it comes to buying auto insurance. It will help get you get better coverage and lower prices.

Minneapolis car insurance

Intro: What is Car Insurance?

Auto Insurance is insurance purchased for cars, trucks, motorcycles, and all other land based vehicles. Its primary purpose is to protect you financially against physical damage or bodily injury resulting from accidents like traffic collisions and from the liability that could also arise later on. The specific coverage and terms of vehicle insurance vary with legal regulations from state to state. In some cases, car insurance can include financial protection against theft of you car or even damage to the vehicle that has been sustained from something other than traffic collisions like hail or other weather damage.

Common Types Of Car Insurance:

Liability Coverage: This coverage is used to protect you from liability resulting from accidents you may be liable for or have caused. It’s important to not that most states have minimum liability limits and were set decades ago. These limits may not be enough to protect you and you’re assets. Many insurers use prior liability limits as a rating factor and you could actually get better rates for carrying higher limits and obviously better protection.

Coverage for Your Vehicle:

Collision and comprehensive coverage are optional. However, your auto lender or lease holder may require you to have this coverage until you’ve paid off your vehicle.

Collision coverage helps pay for damages that your car may suffer in an accident.

Comprehensive coverage helps pay if your car is damaged from causes other than a collision. Theft, vandalism, falling objects and hail are commonly covered by this type of coverage as well.

Additional Coverage Options:

In addition to liability, comprehensive and collision coverage, there are other coverage options that can help keep you protected.

Medical payments coverage, for example, can help pay the medical bills you or your passengers incur if you are injured in an accident.

Personal Injury Protection, often called PIP, can also help reimburse you for lost income if you’re unable to work due to an injury that results from a car accident. It may also reimburse you for child care expenses if you’re unable to take care of your children following an injury.

Uninsured and underinsured motorist coverage can help cover your damages caused by someone with limited coverage, or no insurance at all.

Other coverage an auto insurer may offer include towing as well as labor coverage, which helps with the cost of towing your car if it breaks down or gets a flat tire, rental car reimbursement, which can help cover the cost of a rental car while you wait for your covered car repair to be finished, and even sound system coverage for those drivers who install aftermarket stereo equipment in their cars.

Choosing A Car Insurance Company and where to buy:

Choosing the correct coverage is the first step. You must also choose a good car insurance company if you want to maximize the chance that your claims will be paid. Look for the following qualities when choosing your car insurer.

Reasonable and Reputable – Insurance carriers should be reliable and reasonable for the coverage and the prices they charge. Who needs hassle at claim time.  A cheap policy for a good price is not what you need or want. You need and  want the best coverage at the lowest cost.  So, if you ever need it – you have it.  Why pay for anything that falls short and ends up costing you a fortune if you are ever involved in an accident and are short. In some states, there isn’t much difference in price among insurance companies due to state mandates. In most states, however, companies will quote different prices for similar coverage.

Is it better to buy online? – Many online sites just aggregate information and sell it to many agents and insurance companies.  If you buy direct even fro a seemingly reputable company – you become your own agent.  If you make a mistake or need help – you are on your own.  Insurance agents are required to have E&O insurance to protect them and you if a mistake is made.  Why settle for less safety and service? It doesn’t cost you more to have an experienced or good agent either.  It’s all the same.  So, why would you not use a good experienced local independent agent?  Why not an agent who represents many companies – not just one brand. The insurance companies are the only

Miscellaneous Tips: 

Use a local independent agent. They generally have the most experience and represent many companies – not just one.  So, you don’t have to spend all your time shopping and giving your info to who knows.  One thing that most people fail to do is research the agent or company that they purchase insurance from. The better business bureau is one of the best sources to find out if you car insurance company is a reputable organization.  You can also look agents up on many states commerce sites.  Even further, it’s a good idea to check a company’s financial strength (which directly impacts their ability to pay out your claims) through rating services such as A.M. Best. Don’t take advice from uncle cheap skate Charlie or some know it all at someone at work.  Consult an insurance professional.  Most experienced agents will have a designation after their name like AAI, CIC, CPCU.

If you are going to use the internet – use it to check reviews and do research – not to purchase auto insurance.

Minneapolis Auto Insurance Specialists Team

Snowmobile Insurance

Did you know many snowmobile riders incorrectly assume their sleds are automatically insured by their homeowners policy?

Before the recent snow cover gets you too excited to think straight – make sure you have the right snowmobile insurance to cover your snowmobile and your assets. The Minneapolis Insurance Team provides affordable and specialized snowmobile insurance.

With a Snowmobile policy from The Insurance Specialists Team, you can receive wide-ranging coverage for you and your snowmobile.

We have many carriers and coverage options are available for you.

We represent Foremost, Progressive, Safeco, and many other top insurers.

Coverage and options:

Bodily Injury & Property Damage Liability
Comprehensive & Collision
Uninsured/Underinsured Motorist
Medical Payments
Accessory Coverage
Roadside Assistance

When you’re deciding on and looking for affordable snowmobile insurance, remember the discounts you could receive from using an agent who knows where to look and how to get all the discounts. For example, if you insure more than one snowmobile, you could qualify for a discounts. Or, if you’re a safe sled rider, you could receive a lower rates since we also consider your driving record.

Here are a few other snowmobile insurance discounts we offer:

•Claims-Free Renewal — Receive an discount if you have no at-fault accidents during your previous policy period.
•Homeowner — Get discounted snowmobile insurance rates if you own your own home.
•Prompt Payer — Pay on time for a year and receive a discount on your snowmobile insurance rate when your policy renews.
•Responsible Driver — No accidents or violations on your driving record for the last three years translates to a discount on your snowmobile insurance rate.
•Safety Course — Completing an approved safety course could earn you a discount.

Learn more about snowmobile insurance today to find the snowmobile insurance rates that fit your needs.

Cheap snowmobile insurance rates can keep your hard-earned money in your pocket. You have several companies to choose from, and our goal is to provide you with the information you need to make the right choice — all when you get a snowmobile insurance rate quote.

Affordable Snowmobile Insurance Rates — and if you don’t already have your auto, business, home, health or other insurance here – odds are you could save big. It’s easy to check to see how much you’ll save.