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.

I had a Car Accident – What Do I Do?

Having an accident is no joke. There are many accidents each year and sadly many die  because they were in a collision.  It is important for all drivers to understand just what they need to do if they have been involved in an accident large or small.

Auto Insurance MPLS

 

 

 

 

 

 

 

 

 

The first thing to do is remain at the scene of the accident. Call the police as they will need to make a report of what happened. If you have a camera phone on you and you’re okay then consider taking some pictures. The police will do this as well so it is important to have enough evidence for your auto insurance claim.  Exchange insurance info and ask everyone involved in the accident for their information such as license plate number, driver’s license number, name, address and telephone number.

The second step is to get checked out by an EMT to make sure you’re okay. Many accident victims even those with minor injuries refuse to get medical treatment only to find out they have issues later.  You could be okay one minute and then drop dead the next. Your medical bills could be an issue if it isn’t documented as an accident related injury.

The third step is to go home and call your car insurance agent or  company. A claims representative is usually available 24 hours a day to talk to drivers and begin the claims process. Make sure to have your policy information readily available to help speed up the process.

The fourth step is to make a list of everything that happened. It is important to make notes while everything is fresh in your memory.  Once this is done, you can provide an accurate and clear statement for the insurance adjuster handling your claim.

The fifth step is to give an official statement to your adjuster. Do this as soon as you can to begin the claims process. It’s best to report an accident sooner than later if possible as stories can change.  Don’t just take the drivers word that they were at fault and will make it right.

The sixth step is to wait for the claims adjuster to begin to evaluate the claim. It usually takes about a week for a claims adjuster to get back to a driver about a claim. Be patient, especially if the car accident was serious. The adjuster will need to determine who was at fault and that can take a while in some situations. They generally try to recover your deductible if you were not at fault. Once the claim has been completed, a driver will receive their compensation check if the insurer feels that they are entitled to one. Once the check is cashed and no appeal is requested the claim is closed.

Always keep your auto insurance cab cards in your vehicle and up to date.

Contact Heninger Garrison Davis for auto accident injury claims in Birmingham or go to HornsbyWatson.com.

Related: Workers Compensation Lawyers Near Me.

Staying safe on the road during a hailstorm

It sounds surprising, but there are approximately 3,000 hailstorms in the United States each year. The size of hail can widely vary – from golf-ball size to softball size. And when it starts building up size, hail can cause not just severe property and vehicle damage, but also bodily harm and even death. On average, hailstorms annually cause over $1 billion in damage to property, approximately 1,500 injuries and 80 deaths annually.

Hail Damage

One of the most frightening places to be during a hailstorm is on the road in your car. Obviously your vehicle is at great risk of damage, but even more importantly, you are in danger in the event you can’t see well enough to drive or your windows are broken in by the power of the storm.

 

 

 

 

 

At Insurance Specialists Team, we want to ensure you, your loved ones, and your vehicle stay safe this hail season. Here are some pointers for navigating a hailstorm while on the roads in Minnesota.

 

  • It’s not a bad idea to have a blanket in your car at all times. It can help protect you from glass injuries in the event the hail breaks your windows  or windshield.
  • Turn on your low-beam headlights, and slow down.
  • Make sure you have more distance than usual in front of you so you have ample space to brake if necessary.
  • Turn on the local weather radio station to stay apprised of the status of storms.
  • If there is enough space on the shoulder of the road, pull over.
  • Turn on your hazard lights, regardless of whether you are pulled over or moving slowly; this will help other vehicles to see you and avoid accidents.
  • If there is a covered shelter to pull underneath, do so; this will reduce the damage sustained by your vehicle.

At Minneapolis Insurance Specialists Team, we hope you stay hailstorm-free this season!

Shopping for the Safest Vehicle

If you’re like most folks shopping for a new vehicle, safety ranks high among things you’re looking for – especially with all the texting and other distractions on the road. Every new car must meet certain federal safety standards, but that doesn’t mean that all cars are equally safe. There are still important safety differences, and some vehicles are safer than others. Many automakers offer safety features beyond the required federal minimums. Find out more about what safety features should be considered when purchasing a car.

Safety Features

When you think about buying a new vehicle, chances are you spend a good deal of time thinking about what kind of vehicle you’d like to buy, what color and the “must-have” features. But don’t forget to consider a vehicle’s safety features, too!


1. Crashworthiness: These features reduce the risk of death or serious injury when a crash occurs. You can get a rating of crashworthiness from the Insurance Institute for Highway Safety’s Web site at http://www.iihs.org.


2. Vehicle structural design: A good structural design has a strong occupant compartment, known as the safety cage, as well as front and rear ends designed to buckle and bend in a crash to absorb the force of the crash.

3. Vehicle size and weight: The laws of physics dictate that larger and heavier cars are safer than lighter and smaller ones. Small cars have twice as many occupant deaths each year as large cars


4. Anti-lock brakes: When you brake hard with conventional brakes, the wheels may lock and cause skidding and a lack of control. Anti-lock brakes pump brakes automatically many times a second to prevent lockup and allow you to keep control of the car. Anti-lock brakes may help you keep steering control, but they won’t necessarily help you stop more quickly.


5. Daytime running lights: Daytime running lights are activated by the ignition switch. They are typically high-beam headlights at reduced intensity or low beam lights at full or reduced power. By increasing the contrast between a vehicle and its backgrounds and making the vehicles more visible to oncoming drivers, these lights can prevent daytime accidents.


6. On-the-road experience: Other design characteristics can influence injury risk on the road. Some small utility vehicles and pickups are prone to rolling over. “High performance” cars typically have higher-than-average death rates because drivers are tempted to use excessive speed. Combining a young driver and a high-performance car can be particularly dangerous.

Whether new or used, buying a car is an investment. Make sure your vehicle is properly protected by calling our office in Dubai today to learn more about all of our insurance solutions for your auto, home and life.

Safety

Belts, airbags and head restraints all work together with a vehicle’s structure to protect people in serious crashes. Lap/shoulder belts hold you in place, reducing the chance you’ll slam into something hard or get ejected from the crashing vehicle. If you aren’t belted, you’ll continue moving forward until something suddenly stops you – often a hard interior surface that will cause injuries. Consider the vehicle’s safety belt, airbag and head restraint features when shopping with safety in mind.

 

 

Minneapolis Car Insurance

Should You Purchase GAP Insurance Coverage?

GAP InsuranceChance are good that are when you purchased your new vehicle, the dealership offered you, along with extended warranties, sealants and other extras, gap insurance or “guaranteed asset protection” to protect you from your cars value depreciating lower than your vehicle’s loan balance. GAP insurance may be good idea to purchase it if you don’t make a big down payment and the thought of making payments on a vehicle that was totaled would make you cringe.

It is not uncommon for a vehicle to depreciate by 40% the first two years of ownership and most of that is in the first months of ownership. If your vehicle cost you $50,000 and a few months later you have an accident and it is totaled. For ease of illustration – let’s say your vehicle fair market value is now 40,000 and you owe $48,000. You will be on the hook for $8,000. The loan company will want their money. It’s the old paying for a dead horse scenario.

If you leased a vehicle it was most likely required or factored into the lease. It was added in to protect their asset.

Here are the big tips: If you don’t put down a large down payment and/or you don’t want to take the risk of losing the difference between loan value and market value – you should purchase it.

If you decide GAP insurance is a good idea – get it from your current auto insurance agent. It will most likely be significantly less.  Do it right away as it may not be possible to do it later.  Some companies only allow it at the time of purchase or for a limited time after.

The dealership’s finance person will most likely put the hard sell on you and tell you want it you must purchase right then and there or not at all. They don’t want you contacting your agent, getting advice, and comparing.

If you are a sharp shopper you should tell the finance person thanks, but no thanks. Your insurance agent can add it to your policy – probably for less than half – and if you want to drop it after two or three years you can take it off your policy. It’ll be easier It would be best to call your agent before hand just to make sure your company offers it. There are, although not many, a few companies that do not offer it.

Many people have been purchasing GAP insurance from the dealer at the time of purchase. It can be an emotional and exciting time. Hey – you’re getting a new vehicle and it’s a happy fun time. However, it is easy to get caught into buying the insurance and paying double to protect your new asset. People will buy more when they are excited and in the buying mode. Call your agent and see what it would cost. Use the money saved for extra payments or some new accessories.

This article was written to inform and save you some money. Stay aware.  Take a few minutes and do the math. You will be quite surprised how much you will save. It will probably be around two vehicle payments.

Link to this page:

Should you buy GAP insurance?

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.

Cheap Car insurance

Looking for cheap Car Insurance?

Of course, nobody wants to pay a lot for their insurance.  All the commercials say you can save a ton by checking them out.

Here’s the deal… Many people in an effort to save money on their insurance try shopping online and just getting frustrated.  Here’s why.  The first thing many people do is assume all insurance is the same.  It’s not.  Many people will go online and request the lowest liability limits and the lowest deductibles.  All this does is create greater risk and higher costs.

You see one of the rating factors insurance companies use is prior liability limits.  The higher the limits you have the better it impacts your score.  Also, if you ever end up in anything other than a minor accident – you’re low deductible will be covered – but, you may be on the hook for tens of thousands of dollars.  The state minimums were set back decades ago and do not reflect the current costs of a vehicle or medical costs or any liability costs really.

You want to find the best coverage at the lowest price not a cheap policy for a good price.  You want a company that handles claims fast and fair too.  You also want an agent who is local and easy to get a hold of when you need them.

If you’d like to get quotes easy, fast, loacal and save money then may we suggest using a local independent agent who represents many companies and knows how to get the best rates.  Why sell yourself short and try to do it on line and take chances you’ll buy the right policy and not have your name sold all over the internet.  Many insurance sites just gather your details and sell your information to a bunch of agents and companies –  and some are just other more companies that sell your information.  Save 15% ?  It’s possible – but, unlikely.  Use a local agent – don’t fall for the hype – even if they are on super bowl commercials or the ad was funny.

 

 

Borrowing A Car…Are You Covered?

 

Most people have an idea of what’s covered and not covered under their various insurance policies. But at The Minneapolis Insurance Specialists Team, we get a lot of questions about borrowing or loaning a car.

 

Now that summer is here, and you might be looking to borrow your neighbor’s truck for a home-improvement project or a trip to the local landfill, we thought it was a great time to provide a little more information.

 

Generally, insurance coverage follows the vehicle rather than the driver. So in most instances, as long as the owner of the car has insurance, it’s covered even if someone other than the owner is driving it — as long as they have the owner’s permission.

 

The borrower’s insurance is considered secondary, meaning that in the event of an accident, it could apply if the owner’s insurance is insufficient to fully cover the damage.

 

It’s important to note that there are some exceptions to what is called “permissive use” coverage. For example, permission must be given by the owner, unless the borrower has a reasonable belief that they are allowed to use the car. However, the borrower cannot give permission to someone else. So if your teenager allows one of his or her friends to drive your car to the MOA or a cruise around the lakes, your coverage likely won’t apply.

 

Coverage might also be denied if the borrower operates the vehicle in a negligent or criminal manner. And if the borrower is using your car for business purposes, your personal auto policy likely won’t cover that. If you are borrowing a company car you need to know if you are a covered driver and when you can use it and for what use.

 

If you have a regular long-term arrangement to either borrow or lend a car, the borrower should probably be added to the owner’s personal auto policy. Those who don’t own a car, but often borrow one, might also consider “named non-owner coverage,” an endorsement that provides bodily injury and property damage liability, uninsured motorists coverage and more.

 

Ultimately, it’s usually safe to loan your friend your car for occasional errands or projects. And the same goes for borrowing a car. Just make sure it’s for “normal” use. You’ll want to confirm that the car has coverage and that your insurance, whether you’re the owner or borrower, will apply.

Visit this page for more information.

GAP Insurance

How, when, where, why, and what is Auto Gap Insurance?

You can purchase auto gap insurance from your agent or from your car dealer. When you purchase a new car your auto finance company or the dealer will likely offer you Auto GAP insurance. You should get a quote from your insurance agent as it will likely be much less if you purchase from your current insurance carrier. Dealers and finance companies make good money selling you insurance, warranties and other things when you’re already buying and they make it easy. However, easy doesn’t mean less.

Auto gap insurance is insurance you can purchase to cover the “gap” between the cost of repaying your auto loan and the amount your insurance company will actually give you for a totaled car. Generally, the minute you drive a vehicle off the lot it depreciates in value. Since a new auto depreciates as soon as it leaves the lot, it’s going to be worth less than you owe on it. If you were to total your new car the same day you bought it, the money your insurrt will pay out for the car will not likely cover the balance of the loan.

Gap insurance is the only way to make sure you will not be in debt after losing your new car. GAP insurance can be inexpensive – especially if purchased from your agent and worth doing especially if you don’t put down a lot of money when you purchase your vehicle. Making payments on a vehicle you don’t have could be a big bummer.

Gap insurance can sometimes be purchased on newer used cars, where the dealer price of the car still may be significantly higher than an insurance payout would cover. Some insurance companies will only cover new or near new cars.

So how do you get gap insurance? First ask your current or prospective insurance provider if they can give you gap coverage. Just like you would shop around for your basic auto insurance premium, you may want to shop around for your gap coverage. It is usually very affordable, and worth the extra cost to ensure that you do not end up carless and still be stuck with a car payment. Most dealers will try to sell you their own auto gap insurance as an add-on, but rest assured you can get a better deal by purchasing this special coverage from your insurance agent.

Gap insurance is often required when leasing a car and the coverage may be included in the lease price, but if not you will need to make sure you are covered. Since you didn’t purchase the car, the dealer will lose money if it is totaled. So they may want repayment from you immediately.

Finally, if you have an older car you are probably not eligible for gap coverage. If you still owe money on your older car, the best thing to do to protect your investment is to put more down and pay off early.

Whether or not to purchase gap insurance is a decision only you can make as a car owner, balancing gap insurance premium cost against the potential risk of finding yourself with a totaled car in the future. Like all insurance, you never know when you might need it, but you sure are relieved that you are covered when an accident happen. It’s generally inexpensive and a good choice – especially if purchased from your agent.

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GAP Insurance Minneapolis Insurance Agent

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